Financial crime

Tookitaki Announces Rebranding of its AML Suite to FinCense to reflect the enhanced capabilities of the platform

Retrieved on: 
Monday, February 5, 2024

This strategic move is aimed at better representing the enhanced capabilities of its compliance platform, which now seamlessly addresses both fraud and AML risks.

Key Points: 
  • This strategic move is aimed at better representing the enhanced capabilities of its compliance platform, which now seamlessly addresses both fraud and AML risks.
  • The convergence of fraud and AML challenges has reshaped the compliance landscape, leading financial institutions to seek a unified solution.
  • FinCense fosters collaboration between fraud and AML prevention, with a comprehensive platform adept at handling both domains' complexities.
  • FinCense is built for scale by processing billions of transactions with high throughput at 200 TPS for real-time fraud prevention.

Tookitaki Announces Rebranding of its AML Suite to FinCense to reflect the enhanced capabilities of the platform

Retrieved on: 
Monday, February 5, 2024

This strategic move is aimed at better representing the enhanced capabilities of its compliance platform, which now seamlessly addresses both fraud and AML risks.

Key Points: 
  • This strategic move is aimed at better representing the enhanced capabilities of its compliance platform, which now seamlessly addresses both fraud and AML risks.
  • The convergence of fraud and AML challenges has reshaped the compliance landscape, leading financial institutions to seek a unified solution.
  • FinCense fosters collaboration between fraud and AML prevention, with a comprehensive platform adept at handling both domains' complexities.
  • FinCense is built for scale by processing billions of transactions with high throughput at 200 TPS for real-time fraud prevention.

DATE KSA Ignites Innovation Across Industries

Retrieved on: 
Friday, December 15, 2023

A pivotal session on the DATE Fintech Stage was the panel discussion titled 'Empowerment Personified: Fintech's Impact on Women-led Enterprises.'

Key Points: 
  • A pivotal session on the DATE Fintech Stage was the panel discussion titled 'Empowerment Personified: Fintech's Impact on Women-led Enterprises.'
  • While speaking about the event, Sonia Shaw, Partner & VP of Global Partnerships at CoinW, said, -DATE KSA showcased innovation, boosting exhibitor visibility and fostering valuable industry connections."
  • "DATE Fintech Show and DATE AI Show in Riyadh have been nothing short of extraordinary," said Naveen Bharadwaj, Group CEO of Trescon.
  • From Riyadh's heart, a wave of tech-driven collaboration washes over KSA, promising redefined financial services, seamless AI integration, and KSA's rise as a global innovation beacon.

Genpact Launches Artificial Intelligence Innovation Center in London, UK

Retrieved on: 
Thursday, November 23, 2023

LONDON, Nov. 23, 2023 /PRNewswire/ -- Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, today announced the opening of the Genpact Artificial Intelligence (AI) Innovation Center in London. The center is designed for co-innovation with clients to help unlock business transformation leveraging AI, beyond productivity, in areas such as supply chain management, finance and accounting, customer care, sales and commercial, and insurance underwriting. To support the work at the center, Genpact is upskilling its 125,000-strong workforce and is expected to create new employment opportunities in the UK.

Key Points: 
  • Providing a space for co-innovation with UK companies, employment, and upskilling opportunities for talent in AI and new-age technologies
    LONDON, Nov. 23, 2023 /PRNewswire/ -- Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, today announced the opening of the Genpact Artificial Intelligence (AI) Innovation Center in London.
  • To support the work at the center, Genpact is upskilling its 125,000-strong workforce and is expected to create new employment opportunities in the UK.
  • The launch of the AI Innovation Center in the UK is expected to be the first of several Genpact AI innovation centers across the world and forms a key component of the company's $600M investment in AI over the next three years.
  • The Genpact AI Innovation Center team will focus on further accelerating speed to implementation.

CEX.IO’s Head of Financial Crime Mark Taylor to Join Panel Organized by Future Identity

Retrieved on: 
Tuesday, November 7, 2023

Financial Crime and Identity - A Deep Dive , the panel to feature Taylor, will offer a comprehensive overview of the current rise in fraud-related cases in the U.K., and how the industries can respond.

Key Points: 
  • Financial Crime and Identity - A Deep Dive , the panel to feature Taylor, will offer a comprehensive overview of the current rise in fraud-related cases in the U.K., and how the industries can respond.
  • The panel will take place on Tuesday, 14 November from 16:05 - 16:45 at The Brewery, 52 Chiswell Street, London.
  • “After two decades in law enforcement, I feel duty-bound to help ensure emerging developments are situated toward their most efficient application,” Taylor said.
  • Co-located with FTT Mutuals and FinTech Talents, the Future Identity Festival works to hothouse novel solutions through generative collaboration and spirited conversations.

J5 countries host "Cyber Challenge" focused on data mining and financial reporting

Retrieved on: 
Thursday, November 2, 2023

This year's iteration of the Challenge focused on data mining and financial reporting relating to crypto-assets and technology enabled financial threats.

Key Points: 
  • This year's iteration of the Challenge focused on data mining and financial reporting relating to crypto-assets and technology enabled financial threats.
  • This is the first Challenge where Financial Intelligence Units (FIUs) from each J5 country participated.
  • Collectively, the J5 member countries, FIUs, and blockchain analysis companies scoured their respective data holdings to identify the most promising cryptocurrency leads related to tax evasion and money laundering.
  • The J5 works together to gather information, share intelligence and conduct coordinated operations against transnational financial crimes.

New Research from WorkFusion and Celent Reveals AI Is Assisting Not Replacing AML Compliance Jobs According to 93% of Banks and Non-Banking Financial Institutions

Retrieved on: 
Tuesday, October 24, 2023

AI is becoming essential for Financial Crime compliance with 86% of organizations stating they will increase their spending on AI and machine learning over the next two years.

Key Points: 
  • AI is becoming essential for Financial Crime compliance with 86% of organizations stating they will increase their spending on AI and machine learning over the next two years.
  • NEW YORK, Oct. 24, 2023 /PRNewswire/ -- WorkFusion , a leading provider of AI digital workforce solutions for banking and financial services, today announced the findings of its new research "Technology Transformation in Financial Crime Compliance. "
  • "And as technology drives improvements in productivity, compliance departments can better support strategies to manage risk and add value."
  • This survey on staffing issues and technology trends in financial crime compliance was designed by Celent and WorkFusion.

Judging Panel of International Industry Experts Announced For 2024 FICO Decisions Awards

Retrieved on: 
Wednesday, October 4, 2023

Entries for the FICO® Decisions Awards are due October 13, 2023

Key Points: 
  • Entries for the FICO® Decisions Awards are due October 13, 2023
    The ten award categories are AI, Machine Learning and Optimization, Cloud Deployment, Customer Onboarding and Management, Debt Management, Decision Management Innovation, ESG Champion, Financial Inclusion, Fraud Management, FICO Industry Vanguard and Pioneer Award.
  • FICO has announced its panel of independent judges for the 2024 FICO® Decisions Awards, which honor businesses achieving outstanding results using analytics and decision management technology to grow their business, manage risk and reduce costs.
  • “The panel of judges for this year's awards brings together a wealth of expertise and experience from diverse backgrounds, ensuring a well-rounded evaluation process,” said Nikhil Behl, chief marketing officer at FICO.
  • Winners will receive recognition at FICO® World , which will be held in April 15-18, 2024, in San Diego, California.

WorkFusion Launches New AI Solution for AML Transaction Monitoring

Retrieved on: 
Monday, October 2, 2023

LAS VEGAS, Oct. 2, 2023 /PRNewswire/ -- WorkFusion, a leading provider of AI digital workforce solutions for banking and financial services, today announced that it has rolled out its newest Digital Worker, Isaac, an AI Transaction Monitoring Investigator. Isaac assists with transaction monitoring (TM) alert management by using machine learning capabilities to work first-level alerts, auto-escalate alerts that are likely to require investigation, and auto-closes alerts that are non-suspicious with supporting narrative and documentation, allowing AML analysts to focus on the highest risk activity.

Key Points: 
  • Transaction monitoring is required for anti-money laundering/countering the financing of terrorism (AML/CFT) programs globally and is a critical tool for fighting financial crime.
  • "Transaction monitoring is a time-consuming and expensive, yet critical component of AML compliance," said Art Mueller, WorkFusion's Vice President of Financial Crime.
  • Isaac's responsibilities as an AI Transaction Monitoring Investigator:
    Picks up alerts generated from surveillance monitoring systems and then investigates and evaluates the activity.
  • Isaac is not a transaction monitoring tool and does not create alerts, rather, he works with leading transaction monitoring systems to help financial institutions manage TM alerts.

CEX.IO Suspends Onboarding of New U.K.-based Clients to Meet Expanded FCA Regulations

Retrieved on: 
Thursday, September 28, 2023

The immediate action is in response to updated regulatory guidelines issued by the Financial Conduct Authority (FCA) for cryptoasset businesses, and expanded parameters outlined in the Regime of Financial Promotions.

Key Points: 
  • The immediate action is in response to updated regulatory guidelines issued by the Financial Conduct Authority (FCA) for cryptoasset businesses, and expanded parameters outlined in the Regime of Financial Promotions.
  • This will include dedicated web pages and social media channels for all U.K.-based participants, and IP geo-fencing to help ensure enhanced user protections throughout the region.
  • “This is an opportunity to reaffirm why we’re chosen globally as a trusted crypto guide.
  • To achieve operational excellence alongside ethical crypto stewardship, we will continue to lead by example,” Taylor added.